Wednesday, August 10, 2016
Yelp is taking off after posting a surprise profit in the second quarter
Online review aggregator Yelp posted strong earnings Tuesday, and the stock is taking off.
The firm reported a surprise profit of $0.01 per share in adjusted terms versus analysts expectations of a loss of -$0.07 a share adjusted. Revenue also came in above expectations at $173.4 million against predictions of $169.8 million, according to Bloomberg.
Forward-looking guidance for the third quarter was $180 million to $184 million, and according to Bloomberg, estimates were for $179.7 million. Full year revenue was also projected to be $700 million to $708 million by Yelp, versus expectations of only $699.8 million by analysts.
“We had a great second quarter with local revenue growth accelerating to 41% year over year,” said Yelp CEO Jeremy Stoppelman in a release accompanying earnings.
Following the news, the stock leapt in after-ohurd trading. As of 4:34 p.m. ET, the stock was up over 8% to $35.28.